Spring eNewsletter

Spring

E - N E W S L E T T E R March 2022 | Vol. 57

ON THE COVER 135 MOUNTAIN ARROW DRIVE CAMDEN $8,500,000

MAINE

As the leader in luxury Maine real estate, Legacy Properties offers an unmatched blend of local expertise, world-clas

agents specialize in luxury waterfront homes, ranging from stunning coastal and beach properties to lakefront lodges you to enjoy the best of what Maine has to offer.

We have six offices along the coast of Maine, with locations in Kennebunk, Portland, Brunswick, Damariscotta, Camd today to find your dream Maine home with guidance and support from our expert agents.

ss marketing power and property exposure. Our licensed real estate s, maximizing year-round views and recreation opportunities for

den, and Northeast Harbor on Mount Desert Island. Get in touch

Volume 57 - March 2022 Issue Editorial by: Chris Lynch

Designed by: Dana Whitney

Edited by: Chris Fortunato Andy Lynch

Graphics by: Dana Whitney

.

FEATURED LISTING 878 SHORE ROAD CAPE ELIZABETH $5,500,000

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DISCOVER THE VALUE OF YOUR HOME Our state-of-the-art online residential property valuation service lets you find the estimated current value of your home simply by filling in your address on the banner of our LegacySIR.com homepage.

This value is used in all aspects of the valuation process for lenders, GSEs, mortgage brokers, mortgage servicers, investment bankers, and mortgage investors as well as anyone who requires fast, reliable, and cost-effective residential property valuations.

For a more detailed Market Analysis, please contact your Legacy Properties Sotheby’s International Realty sales associate.

Nothing Compares.

Maine Buyers Lose Ground in Maine Real Estate It may come as no surprise that Mainers represent the largest buyer base for Maine real estate. While that is still the case, the COVID-19 pandemic has greatly altered the playing field for all buyers, but even more so for Maine and Massachusetts residents. It should also come as no surprise that buyers from Massachusetts have, for many years, had a strong influence on the supply and demand equation for out-of-state buyers. Unlike most others, Massachusetts buyers do not come to Maine for the weather, as they experience substantially similar weather given their geographic proximity.

The reason they are attracted to Maine is to escape the crowded local streets, beaches, and parks for Maine’s abundance of unmatched natural beauty and easy access to the ocean, lakes, mountains, great restaurants, and more. The pandemic, remote work, and community safety are the three most often cited influences that have broadened and deepened the out-of-state buyer base.

In 2019, Maine residents successfully bought 74% of all homes available for sale, while Massachusetts buyers closed on 8% of sold homes. However, in 2021, Maine residents purchased a significantly fewer number of homes, dropping to 65% of total units, while Massachusetts accounted for a slight increase of 10% of statewide unit sales. The differences become more

exaggerated when considering dollar volume sales. In 2021, Maine buyers represented 56% of all dollars spent on Maine homes sold at all prices. The shift becomes even more dramatic as the sales price rises, with Mainers accounting for only 28% of luxury home buyers.

The top feeder markets for Maine have stayed the same for several years and consist of Massachusetts, New Hampshire, Florida, New York, California, Connecticut, Pennsylvania, New Jersey, Texas, and the Metro Washington DC area, which includes the Maryland and Virginia suburbs.

However, the pandemic has affected the geographic mix of Maine’s real estate buyer base, resulting in dramatic participation changes.

Using 2019 as the pre-pandemic base year, the most telling changes in the geographic participation in Maine real estate sales are highlighted by the chart below. This graph shows how the dollar volume of total sales in Maine has changed from pre-pandemic in 2019 to 2021. On a dollar volume basis, California’s participation has soared by 58% when comparing the two periods, while Connecticut, Metro Washington DC, and Florida have also increased their participation by more than 20%.

This has all occurred during a period in which Maine’s dollar volume participation has declined by 13%.

Market Share Change by Dollar Volume 2019 to 2021 (All Prices) 60%

40%

20%

0%

-20%

CA

CT

DC Metro

FL

PA

NJ

TX

MA

NY

NH

ME

Suffice it to say that we have experienced a material change in the dynamics of Maine’s property market. The availability of so many great homes in so many great places has provided new buyers with the opportunity to purchase a home. As we enter the spring market, we see these buyer trends continuing. Despite the current market being very challenging for buyers, the opportunity to sell a home for a record price has never been more widely available throughout the state.

In such turbulent times, whether you are buying or selling, there has never been a more critical time to have the best real estate agent by your side to guide you through the current market conditions, which vary widely by location, while advising you regarding valuation, transaction terms and conditions, and trends. Please do not hesitate to give us a call or send an email to one of our many talented agents throughout the state.

Happy Spring, Chris

President/Owner Legacy Properties Sotheby’s International Realty

Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings).

We are pleased to

WELCOME DONTE CALARCO

EDYTHE DYER

MAYA ODLIN

949.533.2361

207.810.1061

207.831.8180

dcalarco@legacysir.com

edyer@legacysir.com

modlin@legacysir.com

CAMDEN OFFICE

NORTHEAST HARBOR OFFICE

PORTLAND OFFICE

REAL ESTATE EXPERTS IN EVERY MARKET The Sotheby’s International Realty network is comprised of more than 25,000 sales associates located in approximately 1,000 offices in 79 countries and territories worldwide. Our listings are marketed on the sothebysrealty.com global website and on local affiliate websites across the world in the markets from which our buyers are coming. This global exposure not only affords our listing clients the widest possible distribution to the highest number of qualified buyers, but it allows all of our clients access to the most experienced and accomplished real estate experts in whichever town, city, or country they may have needs.

FEATURED LISTING (ALSO ON COVER) $3,500,000 149 & 154 WHITES POINT ROAD, TANDISH

LIVE ME & NH

With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.

1 Company - 6 Offices - 80+ Agents - Endless Possibilities

LEGACY COLLECTION Our exclusive, multi-page property books are distributed with Maine Home + Design, Down East, and in select areas, The Wall Street Journal and The Boston Globe. As many as 84 pages are distributed with up to 85,000 subscriptions.

Our most recent digital issue received over 250,000 unique impressions.

To receive a copy, either in print or electronically, please email collection@legacysir.com.

2021 Annual Review

If you have followed our social media, blog, and/or newsletter, you will know that we have experienced what seems to be an unprecedented pace of new buyers seeking a primary residence or seasonal property in our great state.

The surge in buyer demand continues to outstrip the supply of new listings coming on the market. Although the new listing inventory is currently both at a seasonal and cyclical low point, we continue to source new listings each day.

If you are considering selling your home, we have a deep backlog of buyers for most properties and locations in Maine.

Our Significant Sales 2021 Annual Review is just a sampling of the many great properties our team successfully closed during these complex and challenging times.

VIRTUAL OPEN HOUSES

Welcome to the always-open house. Our immersive Matterport 3D Virtual Tours transport you into the finest selection of Maine Luxury Properties and let you explore like never before. Use Dollhouse view to see a whole property at once, switch to floor plan view for a traditional top-down perspective, or walk through like you’re there in person. Our Matterport 3D Virtual Tours are unlike any other real estate virtual tours. They are the most realistic, cutting edge, and comprehensive way to experience a property online. Click on any of the thumbnail images below to experience the Maine Lifestyle from the comfort of your own home.

FEATURED LISTING

135 Mountain Arrow Drive, Camden | $8,500,000 Brian Wickenden 207.975.9650

FEATURED LISTING

651 North Shore Road, North Haven | $6,450,000 Brian Wickenden 207.975.9650

FEATURED LISTING

878 Shore Road, Cape Elizabeth | $5,500,000 Lois Lengyel 207.233.2820

FEATURED LISTING

299 Drexel Lane, Islesboro | $5,000,000 Brian Wickenden 207.975.9650

FEATURED LISTING

686 Whites Bridge Road, Standish | $3,900,000 Tammy Ruda 207.831.3164

FEATURED LISTING

273 Indian Point Road, North Haven | $2,990,000 Heather Shields 207.596.4050

FEATURED LISTING

84 Tote Road, Owls Head | $2,595,000 Brian Wickenden 207.975.9650

FEATURED LISTING

58 Langsford Road, Kennebunkport | $2,550,000 Betsy Coughlan 207.967.0934

FEATURED LISTING

19 Loon Cove Lane, Brooklin | $2,500,000 Laura Pellerano 207.266.2941

FEATURED LISTING

10 Chestnut Street, Kennebunkport | $1,999,999 Randal Simon 207. 590.9656 & Rosane Hirschy 207.467.5792

FEATURED LISTING

87 Waldo Avenue, Rockland | $1,950,000 Michael Lynch 207. 558.3131

FEATURED LISTING

19 Loon Cove Lane, Brooklin | $1,900,000 Laura Pellerano 207.266.2941

FEATURED LISTING

720 East Madrid Road, Madrid Twp | $1,550,000 Glenn Jonsson 207.776.0036

FEATURED LISTING

149 Airport Road, Phillips | $1,500,000 Kristin Heal 207.542.8890

FEATURED LISTING

11 Laurel Cove Road, Harpswell | $1,500,000 Pat Lawson 207.798.1828

FEATURED LISTING

1317 Trim Lane, Islesboro | $1,300,000 Michael Lynch 207. 558.3131

FEATURED LISTING

51 Bridge Street, Belfast | $1,275,000 Michael Lynch 207.558.3131

for all properties sold over $5,000,000 in Maine for all properties sold over $2,000,000 in Maine for all properties sold over $1,000,000 in Maine for all properties sold over $600,000 in Maine for all waterfront sales in Maine

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. *Based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 01/01/2021 through 12/31/2021

READY TO SELL? Maine has been the beneficiary of an extreme surge in demand. Because Maine is a small state dominated by a small DIY business economy, it has historically been difficult for many to live here, as the job opportunities are simply not abundant enough to attract those seeking our incredible lifestyle.

That being said, the recent rise in popularity of remote workplaces and spaces has opened the door for many current and future buyers to live in Maine.

It should be obvious that the past two years have been nearly impossible for the first-time homebuyer to get involved in purchasing a home in many parts of the country and Maine is no exception. What is not obvious is that there are many deserving buyers beyond the first-time home buyers that are having trouble buying a home under what could be considered “normal purchase terms.”

It is clear that current demand is high and there are still so many more buyers out there who have to finance, sell to buy, or want to have inspection contingencies that are waiting in the wings to buy their precious piece of Maine.

Of course, we all know that we live in a small state of approximately 1.3 million people with a small housing market, consisting of about 20,000 home sales in 2021. As a result, we continue to experience a shortage of new residential inventory compared to the incredible increase in buyer demand. Very low seasonal inventory levels typically characterize the winter months, and this year is no exception. Historically, spring will bring a resurgence of new listing inventory to the market, and it stands to reason that this year will be even more robust than the past few years.

Now is a great time to sell your home! If you have any questions or would like any assistance with your real estate needs, please contact us at info@legacysir.com or 207-780-8900.

RENTALS

Maximize Your Home’s Income

There is incredible demand from guests seeking to vacation in Maine and we are looking for outstanding new properties to add to our portfolio of the finest luxury rental homes in all of Maine. We provide a full-service rental experience, including professional photography, cutting edge Matterport 3D Virtual Tours, unmatched global luxury branding, marketing and distribution, and dedicated support.

Contact us today to prepare for this Summer and beyond.

Visit us at luxurymainerentals.com to view our exceptional luxury rental homes or contact Scott E. Dobos, Director of Rental Operations, at rentals@legacysir.com or 207-370-5479 for more information.

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At Legacy Properties Sotheby’s International Realty®, we use social media to connect your home to our vast community of real estate intenders and influencers from across the globe. Social Media, like real estate, is about connecting people and cultivating relationships, which makes it the ideal tool for marketing your home.

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PORTLAND OFFICE 2 City Center Portland, Maine 04101 207.780.9800

KENNEBUNK OFFICE

150 Port Road Kennebunk, Maine 04043 207.967.0934

BRUNSWICK OFFICE 141 Maine Street Brunswick, Maine 04011 207.729.2820

DAMARISCOTTA OFFICE 170 Main Street Damariscotta, Maine 04543 207.563.2775

CAMDEN OFFICE

46 Bay View Street Camden, Maine 04843 207.230.1003

NORTHEAST HARBOR OFFICE 6 Neighborhood Road Northeast Harbor, Maine 04662 207.780.8900

Table of Contents Legacy Properties Sotheby’s International Realty 6 offices covering the Maine Coastline & Seacoast New Hampshire.

info@legacysir.com legacysir.com

FEATURED LISTING 686 WHITES BRIDGE ROAD STANDISH $3,900,000